Topic: Dollar to Naira exchange rate on the road to 1700 (Read 114 times)

If you’re living in Nigeria, you should by now know that the rise in dollar also has effect on the price of things in the market, they go hand in hand. So whether you save now and hoping to swap your USDT to Naira when it rises, you’ll still get the same value of what you’re buying before at the rate of the current swap you did from USDT to Naira. So it doesn’t matter anymore anytime you wish to swap. I don’t know how does in the market particularly immediately increase their prices, but nothing is more hidden to them because where some of them may get those items would have increased their money as a result of increase in USDT to Naira swap and also increase in fuel price.


This may be considerable as BTC will be an investment to rely on and not a stable coin that has direct effect on the proportionality of the naira in the international market. Keeping your BTC for it to rise in price as predicted and anticipated for the upcoming bull run is a nice idea and one which we should all acknowledge and work towards achieving that. If you’d buy at a low price, you should be expecting something big when it reaches the $100K mark.

Currently the exchange rate is around 1668 Naira per Dollar, this actually because the Nigerian government had to float the naira allowing market forces to determine the price. This action has been frowned upon by a lot of Economist as it's a suicidal decision, because it's capable of bringing a countries economy to her kneels.

Talking about those that are earning in Dollars, it's really good to save some part of your earnings as back up funds for any emergency or you can save for future investment. Saving is one aspect of our life that shouldn't be taking for granted, as it helps us during the raining days, because at the end of the day that's what you will be falling back on..

I know there are several factors that affect the worth of the Naira to Dollar like saying the forex market when the dollar in its own value appreciates over other currencies, making it to reflect negatively on the value of other local currencies, secondly could be when the naira as a local currency is being suppressed through wrong policies by the government like the exportation of crude oil in naira and the importation of refined fuel and other by products in dollar, the complaints raised by the manufacturers associations such as forex illiquidity, and lack of power supply for production among other foreign trade limitations.

However, the aforementioned issues I mentioned now does not seem to be the only reason why our Naira could experience a sharp fall in the market and continue to experience more falls in the market over the few months. What exactly could have been the issue with our naira and why do we think it could fall down to ₦1,700/$ or even beyond?

Could you share some personal finance tips or resources that you've found particularly helpful in managing your earnings from signature campaigns and cryptocurrency investments? For example, are there any specific budgeting strategies, saving techniques, or investment approaches that you've used to grow your wealth over time? Additionally, are there any books, websites, podcasts, or online courses that you'd recommend for someone looking to improve their financial literacy and make informed decisions about their cryptocurrency holdings? Any guidance or recommendations you can offer would be greatly appreciated!

And not only dollar that is increasing my friend, as the sad part be say even currently, it seems nah fuel and dollars dey compete with price now oh for wey country, which is ought not to have been that way, but due to the greediness of those we elected into power, they keep making laws that are unfavorable to the poor masses. So for those who are privilege to earn either on this forum or off this forum, it is always very important to save, and not only save, but saving for the rainy days, because you never can tell what may happen in the next few hours or minutes, which is why it's always good to prepare for the unforeseen with a budget you can always afford, because there is no rich man today, who never practice the habit of saving funds.

I think there is a thread in this but I cannot lay my hand on the particular thread again. Really di way things are going in country, na serious revolution against the government nai don remain but before then the revolution should first go to the police before the government. Nigeria government knows that dollar has a crucial role to play in the country by creating inflation. And now that the price dollar dey increase like this, commodities dey double am. I thought this current president na good person wey go fit reduce di prices of things but opposite nai be di thing.

And apart from earning from USDT, even in Bitcoin. For those who are in campaign will have more gain when sell it because when the price of Bitcoin reduce, the payment in Bitcoin would increase in percentage or unit. Example. Now that Bitcoin is $56k and you are paying 0.00071 BTC which is equivalent to $40 as a campaign participant now and when the price of Bitcoin reduce to $54k, your pay on Bitcoin also increase though, you are still receiving the same $40 but in Bitcoin, the price increase. And the more you BTC payment unit increase, the more gain you get when you go sell am. But the money wey you sell e no go reach anywhere in the country when you enter market buy things because right now Rice bag dey increase to 80k, beans now is 80k garri wey been dey poor man food now is 60k. So your money na small amount in Nigeria currency now.

The fact is that it doesn't even make any difference again if the exchange rate is getting betting or worse. When the naira is gaining, the economy was still getting bad and when the dollar is now gaining, they still put the blame on the dollar. Our problem is beyond exchange rate and we just have to be happy that at least, some of us can benefit from it.

Leaving part of what you get from signature campign untouched is actually good but it shouldn't be because of the devaluation of the naira that should encourage you to leave a portion of it untouched. Administration can change and the new one might bring out policies that will strengthen the naira which might be a disadvantages to any one that leaves part of his signature allocation in dollar. The best thing to do is to leave it in BTC which although is less stable like the dollar is a good store of value if you don't want to touch it. If you even have a physical or an alternative stream of income that's enough to sort out most of your needs, it's even best not to touch it at all till you use the proceeds for a meaningful thing.

Good day my fellow country men, the exchange rate is currently around 1655, despite that our government have failed to strengthen our economy and reduce the poverty rate, their are people that's been opportuned to be earning in the forum through several signature campaigns and since their are those campaigns that pay with USDT, I urge those earning through that means to seized the opportunity to save some percentage of their earnings even though it's as low as 10 to 20% it would go a long way on the long run. This also implies to those earning through BTC, there are speculations here and there that BTC could get to 100k and beyond in the next bull run, therefore you can as well save some percentage of your earnings from the forum weekly to prepare for the next massive bull season, it doesn't matter whether you don't think it would get to 100k or beyond but getting prepared by saving some percentage of your weekly earnings is the best decision I think everyone in different campaigns should normalise. What do you all think?